1 . Ch. 12 Problems and Applications Q1 This chapter discusses many types of costs: opportunity cost, total cost, xed cost, variable cost, average total cost, and marginal cost. Fill in the type of cost that best completes each sentence. What you give up for taking some action is called the V . V is falling when marginal cost is below it and rising when marginal cost is above it. A cost that does not depend on the quantity produced is V . In the ice-cream industry in the short run, V includes the cost of cream and sugar but not the cost of the factory. Profits equal total revenue minus V . The cost of producing an extra unit of output is the V . 1 . Ch. 12 Problems and Applications Q1 This chapter discusses many types of costs: opportunity cost, total cost, xed cost, variable cost, average total cost, and marginal cost. Fill in the type of cost that best completes each sentence. What you give up for taking some action is called the V . average total cost V is falling when marginal co 9 when marginal cost is above it. xed cost A cost that does not depend on the quantity produce- marginal cost In the ice-cream industry in the short run, opportunity cost es the cost of cream and sugar but not the cost of the factory. total cost Prots equal total revenue minus variable cost The cost of producing an extra unit of output is the